As economists and financial authorities await the federal government’s findings on private and public job creation during May, another report has already broken the news on this month’s employment situation. According to Businessweek the New Jersey company ADP Employer Services released their own report on Thursday that showed actual numbers were lower than predicted.
While a survey of 39 economists conducted by Bloomberg News estimated that May’s hiring numbers would come in around 150,000, the ADP report found that only 133,000 new jobs were added. This comes after the news that only 113,000 openings were created during April.
Though ADP’s figures reflect an overall trend in American hiring, it’s important to note that it doesn’t cover the entire marketplace. The Department of Labor’s study, which will be released on Friday, includes government job creation in addition to the private sector. The ADP excludes public data, according to The Associated Press.
One way or another, these reports indicated that economic recovery in 2012 is slowing down.
“Businesses are adding workers at a pace that is not very impressive,” David Sloan, senior economist at 4Cast Inc. in New York, told Businessweek. “The unemployment rate is not going to fall rapidly. The numbers are consistent with an economy that’s growing modestly.”